Smart Contracts

An application of Blockchain is the smart contract. A smart contract is an agreement between two parties, which is built into the DNA of a Blockchain.

The agreements are machine and organisation agnostic. Smart Contracts can take place peer-to-peer, person to organisation or person-to-machine. The smart contract is executed and the record of the transaction is stored on the Blockchain.

Smart Contracts are the application that makes Blockchain uses cases possible. Imagine, at a stroke, being able to eliminate fraud and make payments or, indeed, any transaction transparent for the recipient and the sender. Clearly, the uses of this type of application can solve many different challenges. The possibilities are endless — supply chain logistics, to healthcare, digital passports and most obviously digital transactions.

We believe that as the hype around Crypto-currencies start to subside the underlying technology that surrounds it will gain more and more traction both with business and government. As machines become more powerful and ubiquitous (read the inexorable rise of the smartphone, even in third world countries) the applications for Smart Contracts become more real and valuable. Yotta Laboratories are perfectly poised ride the crest of the Smart Contract wave.